Jacobs Levy Equity Management Inc. Has $6.36 Million Holdings in RingCentral, Inc. (NYSE:RNG)

Jacobs Levy Equity Management Inc. raised its position in RingCentral, Inc. (NYSE:RNG) by 2.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 201,029 shares of the software maker’s stock after buying an additional 4,332 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.22% of RingCentral worth $6,359,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Comerica Bank boosted its holdings in shares of RingCentral by 1,715.5% in the 1st quarter. Comerica Bank now owns 13,090 shares of the software maker’s stock valued at $455,000 after purchasing an additional 12,369 shares in the last quarter. SG Americas Securities LLC raised its stake in RingCentral by 782.0% during the second quarter. SG Americas Securities LLC now owns 78,836 shares of the software maker’s stock worth $2,223,000 after acquiring an additional 69,898 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of RingCentral by 14.4% in the 2nd quarter. Wedge Capital Management L L P NC now owns 57,628 shares of the software maker’s stock valued at $1,625,000 after purchasing an additional 7,251 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in RingCentral during the 2nd quarter worth approximately $2,476,000. Finally, Lecap Asset Management Ltd. grew its stake in shares of RingCentral by 3.0% during the second quarter. Lecap Asset Management Ltd. now owns 34,325 shares of the software maker’s stock worth $968,000 after buying an additional 1,001 shares during the last quarter. Institutional investors own 98.61% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Wedbush raised their price objective on RingCentral from $36.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 price objective on shares of RingCentral in a research note on Friday, November 8th. Piper Sandler raised their price objective on shares of RingCentral from $31.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, November 8th. Robert W. Baird boosted their target price on shares of RingCentral from $36.00 to $38.00 and gave the stock a “neutral” rating in a report on Monday, November 11th. Finally, StockNews.com raised shares of RingCentral from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 11th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, RingCentral currently has a consensus rating of “Moderate Buy” and an average target price of $40.73.

RingCentral Stock Performance

RingCentral stock opened at $38.50 on Friday. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of -36.32, a PEG ratio of 2.35 and a beta of 0.99. RingCentral, Inc. has a 52-week low of $26.98 and a 52-week high of $40.98. The stock’s 50 day moving average price is $34.89 and its two-hundred day moving average price is $32.80.

RingCentral (NYSE:RNG) last posted its quarterly earnings results on Thursday, November 7th. The software maker reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.10. RingCentral had a negative net margin of 4.17% and a negative return on equity of 2.55%. The business had revenue of $608.77 million during the quarter, compared to analysts’ expectations of $601.91 million. On average, equities research analysts forecast that RingCentral, Inc. will post 0.84 EPS for the current year.

Insider Buying and Selling

In other RingCentral news, SVP John H. Marlow sold 23,284 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $34.96, for a total transaction of $814,008.64. Following the transaction, the senior vice president now owns 357,818 shares in the company, valued at approximately $12,509,317.28. This represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Agarwal sold 10,184 shares of RingCentral stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $34.97, for a total transaction of $356,134.48. Following the transaction, the chief financial officer now owns 116,306 shares of the company’s stock, valued at $4,067,220.82. This represents a 8.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 104,082 shares of company stock valued at $3,632,417. 6.76% of the stock is owned by company insiders.

RingCentral Profile

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company’s products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.